Market Trends and Macroeconomics - Wall Street opened in the red, with the Dow Jones dropping 391 points, the S&P 500 falling 10 points, and the Nasdaq declining 20 points [1] - The Nasdaq entered correction territory, falling at least 10% from its recent high [5][6] - US crude oil surged nearly 7% following a surprise Iranian attack on US forces in the Middle East, pushing prices back up to nearly $85 per barrel [1][2][5] - Inflation could potentially rise to 4%, 5%, or 6% if elevated oil prices persist for another quarter [5] - The CME's Fed Watch tool indicated a more than 70% chance of the Federal Reserve holding interest rates steady despite rising oil and gas prices [3] - Regular gasoline prices at the pump averaged $4.09 per gallon, which is one penny lower than the previous day [5] - Bond yields ticked higher ahead of the Federal Reserve decision, while the average rate on a 30-year fixed home loan ticked lower to 6 and 3/4% [7] Industry and Company Dynamics - Chipmaker shares were mostly in the red, though Micron and Intel shares ticked higher [1][2] - Sherwin Williams shares led the Dow lower with a 3.5% decline [1] - Automotive manufacturer BMW is cutting 8,000 jobs in Germany, out of a total global workforce of about 150,000 employees [8]